TERMS AND EXTENSIONS. The initial term of this Lease shall be for a period of ten (10) years, commencing on January 7, 1986, and terminating on January 6, 1996, both dates inclusive (hereinafter referred to as the "initial term"). Provided Tenant is not in default of any terms of this Lease at the time Tenant notifies Landlord of the exercise of any option hereunder, Tenant shall have the option to extend and renew this Lease for three (3) successive periods of five (5) years each, the first of said periods of renewal and extension shall commence on January 7, 1996, and terminate on January 6, 2001, (hereinafter referred to as the "first renewal term"). The second of said periods of renewal and extension shall commence on January 7, 2001, and terminate on January 6, 2006, hereinafter referred to as the "second renewal term"). The third of said periods of renewal and extension shall commence on January 7, 2006, and terminate on January 6, 2011, (hereinafter referred to as the (third renewal term"). The options to or renew extend herein contemplated shall be exercised by Tenant by advising the Landlord by certified mail, return receipt requested as hereinafter provided not less than six (6) months prior to the expiration of the term of the lease then in effect. Each such renewal term shall be upon the same terms, covenants and conditions, excluding rent, as provided in this Lease for the initial term. Any termination of this Lease during any term shall terminate any and all further rights of renewal or extension hereunder.
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TERMS AND EXTENSIONS. The initial term of this Lease shall be for a period of ten (10) years, commencing on January 7, 1986, and terminating on January 6, 1996, both dates inclusive (hereinafter referred to as the "initial term"). Provided Tenant is not in default of any terms of this Lease at the time Tenant notifies Landlord of the exercise of any option hereunder, Tenant shall have the option to extend and renew this Lease for three five (35) successive periods of five one (51) years year each, the first of said periods period of renewal and extension shall commence on January 7, 1996, and terminate on January 6, 20011997, (hereinafter referred to as the "first renewal term"). The second of said periods of renewal and extension shall commence on January 7, 20011997, and terminate on January 6, 20061998, hereinafter referred to as the "second renewal term"). The third of said periods of renewal and extension shall commence on January 7, 20061998, and terminate on January 6, 20111999, (hereinafter referred to as the "third renewal term"). The fourth of said periods of renewal and extension shall commence on January 7, 1999 and terminate on January 6, 2000, (third hereinafter referred to as the "fourth renewal term"). The fifth of said periods of renewal and extension shall commence on January 7, 2000 and terminate on January 6, 2001, (hereinafter referred to as the "fifth renewal term"). The options to renew or renew extend herein contemplated shall be deemed exercised by Tenant without any action required by advising Tenant unless Tenant advises the Landlord Landlord, by certified mail, return receipt requested as hereinafter provided not less than six (6) months prior to the expiration of the term of the lease then in effect, that Tenant desires to terminate this Lease at the expiration of the term of the lease then in effect. Each such renewal term shall be upon the same terms, covenants and conditions, excluding rent, as provided in this Lease for the initial term. Any termination of this Lease during any term shall terminate any and all further rights of renewal or extension hereunder.
4. Para▇▇▇▇▇ ▇▇ ▇▇ the Lease, as amended, is hereby deleted in its entirety effective from and after January 7, 1996, and the following shall thereupon be substituted in the place and stead thereof:
(1) The rent for the first renewal term shall be TWO HUNDRED FORTY THOUSAND ($240,000.00)
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